“We will continue to strive to achieve the Rule 40 throughout 2023 and beyond.”

In context

“sation. While we expect to see stock-based compensation expense trend up through the remainder of the year, we remain focused on GAAP net income and operating profitability. Turning to net income. First quarter GAAP net income was $17 million, our second consecutive quarter of GAAP profitability. This was a result of our strong GAAP operating income, as well as interest income from our balance sheet and the narrowing of losses from investments. First quarter adjusted earnings per share was $0.05 and GAAP earnings per share was $0.01, our second consecutive quarter of positive GAAP EPS. We are extremely proud that we are able to continue to deliver GAAP profitability on a consistent basis. Additionally, our combined revenue growth and adjusted operating margin was 42% in the first quarter. We will continue to strive to achieve the Rule 40 throughout 2023 and beyond. Turning to our strong cash flow in the first quarter, we generated $189 million and $187 million in adjusted free cash flow and cash from operations, respectively, each representing a margin of 36%. We ended the quarter with $2.9 billion in cash, cash equivalents and short-term U.S. treasury bills. We retain access to additional liquidity of up to $950 million through our $500 million revolving credit facility and $450 million delayed-draw term-loan facility, both of which remain entirely undrawn. Now turning to our outlook. For Q2 2023, we expect revenue of between $528 million and $532 million. Adjusted income from operations of between $118 million and $122 million, and GAAP net income. For full year 2023, we are raising our revenue guidance to between $2.185 billion and $2.235 billion”